{"id":26299,"date":"2026-05-04T16:26:25","date_gmt":"2026-05-04T16:26:25","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=26299"},"modified":"2026-05-04T16:26:27","modified_gmt":"2026-05-04T16:26:27","slug":"gold-searches-for-bottom","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/gold-searches-for-bottom\/","title":{"rendered":"Gold Searches For Bottom (Elliott Wave)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trend Bias:<\/strong> Gold (XAUUSD) appears to be nearing the ending stages of wave <strong>y of (ii) lower<\/strong>.<\/li>\n\n\n\n<li><strong>Key Levels:<\/strong> Slight decline to <strong>$4,380 &#8211; 4,500<\/strong> to finalize the correction lower<\/li>\n\n\n\n<li>Bearish view while price holds above <strong>$4,099<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Gold has been correcting lower since a near-term top developed on April 17. The decline is viewed as a temporary wave (ii) that, when finished, would lead to a powerful wave (iii) higher.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current Elliott Wave Analysis<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48-1024x597.png\" alt=\"\" class=\"wp-image-26300\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48-1024x597.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48-300x175.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48-768x448.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48-1536x896.png 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/05\/XAUUSD_2026-05-04_11-09-48.png 1631w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The current <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> count for gold shows the yellow metal is in wave <strong>((c)) of y of (ii)<\/strong>, a corrective dip.<\/p>\n\n\n\n<p>This wave (ii) is correcting the rally from March to April. We anticipate that it will be a partial retracement, holding above <strong>4,099<\/strong>. Currently, gold has corrected a Fibonacci retracement of 38%. However, the decline appears to include an incomplete wave count.<\/p>\n\n\n\n<p>Therefore, it is possible that this corrective decline will dig deeper to the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">61.8% Fibonacci retracement level<\/a> near <strong>4,383<\/strong>. Near this are is where wave y would be a <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extension 1.618<\/a> x wave w. This is a common wave relationship between two parallel waves.<\/p>\n\n\n\n<p>Also, hovering near this same price zone is the 200 day<a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/simple-moving-average\/\"> simple moving average<\/a> based on the daily price chart. Therefore, if gold is successful in falling to near 4,380, I suspect strong support will develop leading to a bounce and possibly a kickoff to <strong>wave (iii) higher<\/strong>.<\/p>\n\n\n\n<p><strong>Bottom Line<\/strong><\/p>\n\n\n\n<p>Gold appears to be declining in wave <strong>((c)) of y of (ii)<\/strong>, a larger bearish double zigzag pattern. The pattern is mature and is nearing its end, possibly in the <strong>4,380 &#8211; 4,500<\/strong> price zone. <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">Support<\/a> is also available near <strong>4,380<\/strong> with the 200 day simple moving average.<\/p>\n\n\n\n<p>If this is correct, then gold would rally from that lower price zone to retest all-time highs. In the unexpected event of gold prices pushing below <strong>4,099<\/strong>, then we\u2019ll need to adopt an alternate wave count.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gold Elliott wave count is declining in wave ii and are approaching a support zone. View key levels to watch now.<\/p>\n","protected":false},"author":160,"featured_media":26306,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-26299","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold Searches For Bottom (Elliott Wave) - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The gold Elliott wave count is declining in wave ii and are approaching a support zone. 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